Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Event-Driven

<ul>
<li>Hang Seng Indexes announced the latest Hang Seng Family / HSCI review results after market close on Feb 13</li>
<li>We reviewed the Sep 2025 HK Connect round to guide positioning for the upcoming adjustment.</li>
<li>We highlight the most actionable patterns from the Sep 2025 episode.</li>
</ul>


Hang Seng Indexes announced the latest Hang Seng Family / HSCI review results after market close on Feb 13
We reviewed the Sep 2025 HK Connect round to guide positioning for the upcoming adjustment.
We highlight the most actionable patterns from the Sep 2025 episode.


HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Eastroc Beverage Group   / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, raised around US$1.5bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, raised around US$1.5bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the trading dynamics.


Aequitas: Eastroc Beverage A/H Trading - Weak Retail, Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.


Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>
<a href="https://www.smartkarma.com/entities/busy-ming-group-co-ltd" target="_blank" data-smartkarma-citation="entities:45154:1" rel="noopener">Busy Ming Group (1768 HK)</a>'s 3-year EPS CAGR of 43.1% places it ahead of most peers in F&amp;B retailing, including the tea beverage sector. </li>
<li>Operating on a franchise model, its 13x FY26F and 10.2x FY27F PERs are not expensive, as peers ex-<a href="https://www.smartkarma.com/entities/sun-art-retail-group-ltd" target="_blank" data-smartkarma-citation="entities:401:1" rel="noopener">Sun Art Retail (6808 HK)</a> are averaging at 15x and 12.4x. </li>
<li>It is difficult to trade at <a href="https://www.smartkarma.com/entities/mixue-group" target="_blank" data-smartkarma-citation="entities:40623:1" rel="noopener">Mixue (2097 HK)</a>'s and <a href="https://www.smartkarma.com/entities/guming-holdings-ltd" target="_blank" data-smartkarma-citation="entities:40622:1" rel="noopener">Guming (1364 HK)</a>'s ~20x, due to lower margins. Our fair value is 16.5x PER, equalling HK$300.</li>
</ul>



Busy Ming Group (1768 HK)'s 3-year EPS CAGR of 43.1% places it ahead of most peers in F&amp;B retailing, including the tea beverage sector. 
Operating on a franchise model, its 13x FY26F and 10.2x FY27F PERs are not expensive, as peers ex-Sun Art Retail (6808 HK) are averaging at 15x and 12.4x. 
It is difficult to trade at Mixue (2097 HK)'s and Guming (1364 HK)'s ~20x, due to lower margins. Our fair value is 16.5x PER, equalling HK$300.


Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eastroc-beverage-group-co-ltd" target="_blank" data-smartkarma-citation="entities:34882:1" rel="noopener">Eastroc Beverage Group (605499 CH)</a> (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.</li>
<li>According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.</li>
</ul>



Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing.
According to Frost &amp; Sullivan (F&amp;S), EB has been the largest functional beverage company in China in terms of sales volume for four consecutive years since 2021.
We have looked at the company’s past performance in our previous note. In this note, we talk about the recent updates and likely A/H premium.


Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

China

Auntea Jenny (Shanghai) Industrial Co., Ltd. operates a chain of tea shops offering a diverse range of freshly made beverages and snacks, including fruit tea, milk tea, yogurt shakes, coffee, and ice cream. The company primarily serves the domestic market in the People's Republic of China through franchised and self-operated stores. It was founded in 2013 and is headquartered in Shanghai, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Auntea Jenny (2589 HK)

HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

A retrospective study of the Sep 2025 HK Connect event reveals where the alpha sat, when mean reversion kicks in, and how Connect inflows and...

Ke Yan, CFA, FRM

Aequitas: Eastroc Beverage A/H Trading - Weak Retail, Strong Insti Demand

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, raised around US$1.5bn in its H-share listing. In this note, we...

Sumeet Singh

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Osbert Tang, CFA

Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSCI / HK Connect Inclusion (Mar 2026): Lessons from a Sep 2025 Retrospective Event Study

A retrospective study of the Sep 2025 HK Connect event reveals where the alpha sat, when mean reversion kicks in, and how Connect inflows and...

Ke Yan, CFA, FRM

Aequitas: Eastroc Beverage A/H Trading - Weak Retail, Strong Insti Demand

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, raised around US$1.5bn in its H-share listing. In this note, we...

Sumeet Singh

Eastroc Beverage A/H Listing - Good Quality but Tight Pricing

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1.3bn in its H-share listing. In this...

Sumeet Singh

Busy Ming (1768 HK) IPO: Not Expensive with Moderate Upside

​Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...

Osbert Tang, CFA

Eastroc Beverage A/H Listing - PHIP Updates and Thoughts on A/H Premium

Eastroc Beverage Group (605499 CH) (EB), a China-based functional beverage company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Busy Ming outperforms peers in F&B retailing at a 3-year EPS CAGR of 43.1%, with a cheap IPO at 13x FY26F and 10.2x FY27F PERs. The fair value is...